It defiantly can if the lender you’re financing the rest from is honest. They want to make their money and will pull every trick they have to get it out of your pocket. You need to look out for them or all that big down payment is going to do is put more money in their pocket.

The only real reason that you want to put down a big down payment is to not get upside down in the loan. The moment you think about buying that car it starts to depreciate and within a year or two you will be upside down in that car without a down payment of at least 20%.

Those that have bad credit but want to put a larger down payment then normal hoping that this will help your credit, make sure that you go to one of the larger auto credit lenders. That way you can be sure you will get a fair reporting on your credit.

You see if you go for one of the smaller auto lenders they will not report timely payments on purpose so that they can raise your interest rate. That means more money for them.

If you are able to get a loan from a more reputable lender, then that is a wonderful way to build your credit. Even if you had financial trouble in the past they are a great way to fix your credit.

The reason behind that is a car payment is setup to get paid off, and they are fairly larger payments. That is the opposite of a credit card payment that is designed to have little monthly payments and keep you in debt for a very long time.

The best type of car to get a loan on is a car that is two to three years old. That way they are at a better price and they are still in good shape. A car that old shouldn’t have to many miles on it as well.

They also help you keep your value of the car and not get upside down in them. The worst type of an investment is buying a new car. As soon as you buy it you lose 40% of the value.

No investor worth anything would ever buy a stock or invest in a company knowing that the moment they invest they would lose 40% of there money with no way to get it back.

Instead of putting a large down payment on the car you could do direct financing. It makes a good bargaining chip for you because you can just focus on the price of the car and not the loan. Your direct financing lenders tend to be more reputable then other as well.

The easiest way of doing direct financing is online. There is plenty of online lenders to choose from so shop around for one you like. They often have no obligation quotes that you can get fairly quick. You can then get a check that you can take to the dealership.

Is it possible to use my student loan money to pay off my credit cards?

Yes, it certainly is. However, remember first why you put in for the student loan in the first place. The student loan is foremost for your education and your future and that is why it is loaned to you.

The money you receive from your student loan can be stretched in many ways and the extra can therefore be used for your credit cards. In fact, I believe that is the first place the money should go if there is any extra. If you have more than one credit card, consolidate them to the one with the lowest interest rate.

While you are in college is the time to live as frugal as possible, since you only have yourself to take care of usually. The rewards will be there if you do.

If possible, a part-time job during the school year would be great but even better, a good job or even two jobs during the summer would be the best. That way you could study and even have a life during the school year.

Hopefully, after purchasing everything needed for school you were able to put down a hefty payment on the ‘one’ credit card payment you now have from the money left from your school loan.

Your first year at school will most likely be the most expensive not knowing really what all is needed. After that you will be able how and where to purchase used books and other items.

Also, when you receive your financial aid student loan refund check, put a large chunk from this check down on the amount due on your credit card. There will be many ideas that come into your mind for that refund, but two months from then you will be glad for your choice.

Keeping with the subject of using your student loan to pay down or off your credit card. Yep, you are down to one now. You still have to live some how and that means you need a cash flow in order to do this.

To do this it is important to work hard during the summer, live prudently and therefore you will have excess money from your student loan/loans that can go directly to your credit card bill. The loan money is yours to be used as you desire.

Most likely you will not be able to pay off you credit card in one year but by four years you should. Try to make double or additional payments whenever possible. And always make your payment on time for good credit.

It is definitely smart to utilize the money offered to you in the student loan at a lower interest rate usually at 5% or less to your advantage to get your credit card paid off which usually carries an APR of 15% to 19%.
A loan is a loan and they all have to be paid back one-way of another. By paying off the higher interest rate ones the process will go much faster and make your life a lot happier in the long run.